Activity Stream

Japanese-owned automotive supplier to add 6 jobs and invest
$7 million in the Commonwealth

FRANKFORT, Ky. (July 8, 2013) – Governor Steve
Beshear today announced Riken Elastomers Corp. plans to expand operations in
Hopkinsville, adding six jobs and investing $7 million in the project. The
Japanese-owned company is a manufacturer of custom plastic compounds for the
automotive industry.

“This
is an exciting expansion for Riken and Hopkinsville,” said Gov. Beshear. “Riken
puts great effort in being an outstanding corporate citizen, a key contributor
of foreign direct investment and a valuable part of the supply chain within
Kentucky’s expanding automotive industry.”

Both the automotive industry and Japanese foreign direct
investment play vital roles in Kentucky’s economy. The Commonwealth’s
automotive industry employs nearly 80,000 people at more than 450 motor
vehicle-related facilities, and there are more than 150 Japanese-owned
companies in Kentucky, employing more than 37,000 people.

Riken
began manufacturing operations on Riken Court in Hopkinsville in 2007. The
addition of six new jobs will bring the current workforce to 24 employees. To
add room for three new production lines, the company plans to build a
20,000-square-foot addition to its current facility.

“We are pleased to announce the
first expansion of Riken Elastomers Corporation,” said Riken President Gary
Kajiyama. “We appreciate the support the city of Hopkinsville and the
Commonwealth of Kentucky have given us over the last seven years.”

To encourage the investment and
job growth in Hopkinsville, the Kentucky Economic Development Finance Authority
approved Riken for tax benefits up to $50,000 through the Kentucky Enterprise
Initiative Act, which allows approved companies to recoup Kentucky sales and
use tax on construction costs, building fixtures, equipment used in research
and development and electronic processing equipment.

“I am very pleased with Riken’s
plans, because while six new jobs is not a large number, these are important
jobs for the families they provide for, as well as our community,” said Sen.
Whitney Westerfield, of Hopkinsville. “These jobs are important to us as they
strengthen our area’s appeal as a destination for the automotive manufacturing
industry. I am confident that this relationship will only grow.”

“Riken has been a great corporate
partner for our community over the last six years, so this decision to
undertake such a sizeable expansion is welcome news,” said Rep. John Tilley, of
Hopkinsville. “It further underscores the quality of our local workforce and
our contributions to the auto industry. I want to thank our state and
local officials for working together to help make this happen.”

“On behalf of the city of
Hopkinsville, I congratulate Riken on the growth and success of its business,”
said Hopkinsville Mayor Dan Kemp. “This expansion is a confirmation of the
strong relationship our community has with our Japanese partners. Riken is a
true asset in our community.”

“Not long ago our community
celebrated the grand opening of Riken Elastomers. Today we have the privilege
of announcing the company’s decision to expand its operations,” said Christian
County Judge-Executive Steve Tribble. “This significant investment solidifies
the company’s presence in our community and provides quality jobs for our
citizens.”

Christian
County has also been certified by the Kentucky Workforce Investment Board as a Work Ready in Progress Community. The
certification is an assurance to business and industry that the community is
committed to providing the highly skilled workforce required in today's
competitive global economy.

Information on Kentucky’s economic development efforts and
programs is available at www.ThinkKentucky.com.Fans of the Cabinet for Economic Development can
also join the discussion on Facebook
or follow on Twitter. Watch
the Cabinet’s “This is My Kentucky” video on YouTube.

A detailed community profile for Hopkinsville (Christian
County) can be viewed at